Cyprus company formation fee package: 345 EURO – arrangement of Cyprus company formation including VAT, tax registration, opening of bank account PLUS first year registered office and Company Secretary. Full Service Flat Annual Fees from 495 EURO. Contact us to start process by sending an email to firstname.lastname@example.org, by using our contact form or by calling at +357 22 456363.
Cyprus has a mature banking sector. It is comprised of local banks, subsidiaries and branches of foreign banks. The domestic banking sector is regulated, supervised and monitored by the Central Bank of Cyprus (CBC).
In addition to the CBC, there are four domestic banks listed on the Cyprus Stock Exchange, seven subsidiaries of foreign banks, nine European Union (“EU”) banks with branches in Cyprus, and some seventeen non-EU banks with branches in Cyprus.
Banks Listed on the Cyprus Stock Exchange
Bank of Cyprus Group
The Bank of Cyprus Group is the leading local banking and financial services group in Cyprus. Its core business is retail and commercial banking and the Group's activities include finance, factoring, investment banking, brokerage, venture capital, fund management, custody, life and general insurance.
The Bank of Cyprus is a major financial institution in Cyprus. In terms of market capitalisation it is the country's second largest company employing over 12.000 staff worldwide. The Group currently operates through some 595 branches/business offices, of which 143 operate in Cyprus with the remainder in Greece, the United Kingdom, Australia, The Channel Islands, Russia, Romania, Ukraine, Canada and South Africa.
The shares of the Bank are listed on the Cyprus Stock Exchange (CSE) and the Athens Stock Exchange. The Bank is the largest listed company on the CSE in terms of market capitalization and is widely held.
Laiki Bank Group
Laiki Bank Group is one of the most dynamic and most respected banking groups in the Eastern Mediterranean and one of the biggest banks in Cyprus in terms of customer base.
Laiki Bank Group, based in Cyprus and with a history of more than 110 years has developed into a robust organization with a presence in 10 countries: Cyprus, Greece, United Kingdom, Russia (including a representative office), Ukraine, Romania, Serbia, Malta, Guernsey and a representative Office in China. It operates 439 branches and employs 8464 people (as at 1.1.2012).
The Bank caters for Individuals, small businesses and large organizations with services in international business banking, foreign exchange and treasury, electronic banking, factoring, finance and leasing, insurance, investment and fund management.
Its international awards technological leadership, customer-oriented approach and anthropocentric philosophy make Laiki Bank more than a bank.
About International Business Banking - Our philosophy At Laiki Bank (MLB) forward thinking is behind every step we take, building on innovation and creativity to provide solutions and prospects for modern international business.
We are always moving AHEAD with excellent service, innovative products, advanced technology, setting banking standards for modern international business.
One of the bank’s competitive advantages is its commitment and active support of the international business industry, with an exclusive International Business Banking (IBB) Division.
The IBB οf Laiki Bank offers comprehensive service for international customers wishing to do global business from Cyprus through six specialised international business centres that operate with extended working hours.
The centres are staffed with experienced employees, with specialised professional and language skills that always keep quality of service, integrity and confidentiality highest in the agenda throughout the banking relationship.
Laiki Bank International Business banking thinking. AHEAD.
Subsidiaries of foreign banks
Bank of Piraeus (Cyprus)
Founded in 1916, Piraeus Bank went through a period of state-ownership and management (1975-1991) before it was privatised in December 1991. In 1998, the Bank absorbed the activities of Chase Manhattan in Greece, took over controlling interest in Macedonia-Thrace Bank and acquired the specialised bank Credit Lyonnais Hellas.
At the beginning of 1999, the Bank acquired Xiosbank and absorbed the activities of National Westminster Bank Plc in Greece. In June 2000, the Bank unified its three commercial banks in Greece (Piraeus Bank, Macedonia-Thrace Bank and Xiosbank), creating one of the three largest private sector banks in Greece.
In 2007, Piraeus Group acquired the Arab Bank Cypriot network. Today the Piraeus Group operates 15 branches of Piraeus Bank in Cyprus. At the end of December 2010, Piraeus Bank Group had a network of 882 branches (360 in Greece and 522 abroad).
Cyprus Reserve Bank
Central Bank of Cyprus
The Central Bank of Cyprus was established in 1963, shortly after Cyprus gained its independence, as an autonomous institution in accordance with the Central Bank of Cyprus Law 1963 and the relevant articles of the Constitution. Today the Bank is governed by the Central Bank of Cyprus Laws 2002-2007, which ensure the Bank’s independence as well as compatibility with the relevant provisions of the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. The law’s amendment in March 2007 paved the way for the legal integration of the Bank into the Eurosystem in January 2008.
The main functions of the Central Bank include: • implementing the European Central Bank’s monetary policy decisions; • holding and managing the official international reserves; • supervising banks; • promoting, regulating and overseeing the smooth operation of payment and settlement systems; • safeguarding the stability of the financial system; • line with EU practices.
On 2 May 2005 the Cyprus pound joined the Exchange Rate Mechanism II (ERM II) at the pre-existing central parity of €1=CY£0,585274, unchanged from the parity at which it had been unilaterally pegged to the euro since 1999. The standard fluctuation margins of + 15% were maintained, although in practice the pound fluctuated within the narrower range of + 2,25, both before and after ERM II entry.
On 1 January 2008 Cyprus joined the euro area thus bringing to fruition the island’s goal of becoming a fully integrated member of the EU. The conversion rate between the euro and the Cyprus pound was set at CY£0,585274 by the ECOFIN Council on 10 July 2007, in other words the same rate at which the Cyprus pound joined ERM II.
Other Banks Listed on the Cyprus Stock Exchange Hellenic Bank USB Bank
Other Subsidiaries of foreign banks Alpha Bank National Bank of Greece (Cyprus) Emporiki Bank Russian Commercial Bank (Cyprus) Societe Generale Bank (Cyprus) Eurobank EFG Cyprus
Other Banks in Cyprus Cooperative Central Bank Cyprus Development Bank Housing Finance Corporation
Branches of European Union banks Barclays Bank PLC Banque SBA SA First Investment Bank Ltd Joint Stock Company “Trasta Komercbanka” National Bank of Greece Α.Ε. Central Cooperative Bank PLC Banca Transilvania S.A. Joint Stock Company Akciju Komercbanka "Baltikums" AS LTB Bank
Branches of banks from non-EU countries BankΜed s.a.l. Arab Jordan Investment Bank SA BANQUE BEMO SAL Bank of Beirut SAL BBAC SAL BLOM Bank SAL Byblos Bank SAL Credit Libanais SAL FBME Bank Ltd Open joint-stock company AvtoVAZbank OJSC Promsvyazbank Jordan Kuwait Bank PLC Jordan Ahli Bank plc Lebanon and Gulf Bank SAL Lloyds TSB Offshore Limited Privatbank Commercial Bank IBL Bank sal